Governance and Development
With an anticipated launch in early 2021, the Plastic Recovery and Recycling Project Accounting Program (Plastic Accounting Program) has been under development since January 2019. The terms of reference for the Plastic Recovery and Recycling Project Accounting Standard (formerly known as the 3R Standard for Project Accounting) are here. Verra is committed to following ISEAL’s Codes of Good Practice in the ongoing development of the Plastic Accounting Program.
The Plastic Recovery and Recycling Project Accounting Program is being developed and will be managed by Verra with the support of the Plastic Standard Development Committee (PSDC), a multi-stakeholder body. The PSDC has been providing key input on strategic issues since September 2019 and it will approve the Plastic Standard before its first version is released.
The Plastic Standard Assessment Working Group supports the development of assessment (including accreditation) requirements for the Plastic Accounting Program.
Technical advisors — experts on assessment, project financing and implementation of plastic waste recovery and recycling projects — are consulted on an ad hoc basis. Before publication, the Plastic Standard will be piloted by a number of projects. Two public consultations will be conducted to obtain vital inputs on the Plastic Accounting Program’s usability and content. The first public consultation is open through April 26th.
The 3R (Reduce, Recover, Recycle) Initiative is a collaboration led by Verra and BVRio, together with steering committee members Conservation International, Danone, Lloyd’s Register, McKinsey.org, Natural Capital Partners, Nestlé, South Pole, SYSTEMIQ, Tetra Pak, and Veolia. The 3R Initiative Steering Committee provides input on corporate circular economy commitments, environmental and social responsibility goals and extended producer responsibility schemes, among other issues, to benefit the development of the Plastic Standard. Each member of the 3R Initiative Steering Committee has committed to using and/or supporting projects that use the Plastic Standard.
3R Initiative Members
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Initiative for Climate Action Transparency
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